If you desire the space of a home without maintenance, perhaps you should consider buying a townhouse. A townhouse joins other homes in one development through a shared foundation and wall.
Bear in mind that when you purchase a townhouse, you’re subject to the policies of the development’s HOA and will need to incur association charges in exchange for some of the benefits.
Nevertheless, you should also beware of the associated drawbacks. Here’s what you need to know about the advantages and drawbacks of a townhome.
Benefits
Convenient Location
Townhomes are usually next to shopping malls, bus stops, restaurants, hospitals, and recreational facilities for instance public parks and playgrounds. This element has made these homes especially appealing to people who desire to reside next to such amenities.
This implies that anybody who resides in townhomes can access where they should be without having to commute. This results in savings in terms of gas and time.
Less Maintenance
While maintenance and repairs are still your responsibility, there’s reduced upkeep because of the units’ design. Bear in mind that these units have mutual walls on either side, leaving the proprietor responsible for maintaining his or her own exterior walls.
Furthermore, a townhome yard is typically smaller than the one found in a single-family home, so they would need you to conduct less yard work.
Security
Unlike standalone or detached properties, townhomes are typically located next to each other. Therefore, criminals avoid them due to their close proximity and this provides residents with increased security.
Moreover, neighbors can watch over each other easily and lookout for each other’s property collectively.
Common Areas
Common areas frequently include amenities you can access as an owner. Benefits differ by development but may comprise a gym, park area, and pool. Although you’ll pay for the facilities’ upkeep as part of your association charges, other owners will share the cost.
Drawbacks
Lack of Space and Privacy
A major drawback of townhome living is the lack of privacy and external space. After all, the clustering of buildings frequently restricts yard space in the back and front.
Therefore, if you like gardening, this may definitely inconvenience you. Nevertheless, if you’re not fond of landscaping, the townhome offers an advantage in this area.
Financing Challenges
Unless you’re using cash to purchase a townhouse, you’ll need to acquire mortgage financing. One of the restrictions of these kinds of properties originates from the difficulty lenders find in categorizing and appraising townhomes accurately.
Bear in mind that some lenders opt to underwrite every townhome as a condominium, resulting in higher costs.
If you’re purchasing in an area with several townhomes, it’s advisable to locate an experienced lender in the area.
It’s also important to note that lenders place limitations on the number of units that can function as rentals instead of being occupied by the proprietor. They may do the same when it comes to a townhouse. Therefore, it would be sensible to establish the number of units that are functioning as rentals.
Final Thoughts
Townhouse ownership has its set of advantages and drawbacks, so it’s important you talk to your mortgage professional and realtor to ensure you know the obligations and details of the property in question.
For more information on the benefits and drawbacks of purchasing a townhouse, contact us at Apartment Agents or leave a comment.